Aussie Homes Loans today became the latest lender to lift rates on key business loans in the wake of last week's 0.25% rise in official interest rates.
The non-bank financial institution has increased rates by as much as 0.25%. Its new rates are:
- business loan (secured by residential property): up by 0.25% to 7.95%
- one-year business loan (secured by residential property): up by 0.25% to 7.95%
- two-year business loan (secured by residential property): up by 0.25% to 7.95%
- three-year business loan (secured by residential property): up by 0.19% to 7.99%
- four-year business loan (secured by residential property): up by 0.19% to 7.99%
- five-year business loan (secured by residential property): up by 0.09% to 7.99%.
Aussie's move mirrors that of other banks, including National Australia Bank, Commonwealth Bank and Citibank, all of which have bumped up rates following the Reserve Bank's decision to lift official rates.
First off the block was the Commonwealth, which has passed on the rate rise in full to business customers. Its new rates are:
- overdraft reference rate: 9.45%
- business overdraft (all security): 10.05% (min)/14.55% (max)
- business overdraft (secured by residential property): 8.97%
- capital equity: 8.07%
- better husiness loan (all security): 8.7%
- better business loan (commercial security): 8.7%
- better business loan (residential security): 8.07%.
Similarly, the National has lifted its key business rates by the full 0.25%. Its new rates include:
- benchmark: 9.95%
- base rate: 10.1%
- commercial mortgage overdraft: 9.65%
- business overdraft (residential security): 8.65%
- business overdraft (all security): 10.1% (min)/14.6% (max)
- commercial mortgage: 9.2%
- business mortgage combination loan: 8.25%.
Citibank, meanwhile, has lifted rates by as much as 0.26%. Its new rates include:
- Business Power Plan: up by between 0.24% and 0.26% to between 8.05% (seven-year loan secured by residential property) and 9.55% (one-year loan secured by commercial property)
- variable-rate loan: up by 0.26% to 9.05%
- three-year term loan (fixed interest only): up by 0.2% to 7.85%
- variable term loan (principal and interest): up by 0.24% to 8.39%
- fixed-rate loan: up by 0.2% to 8.69% (between six months and three years)
- fixed-rate loan (secured by residential property): up by 0.2% to between 7.79% (six months to a year) and 7.89% (two to three years).
To check out up-to-date comparisons of the rates and fees charged on key business loans and transaction accounts,
click here.